Dennis Hong

ShawSpring Partners' compact $270M portfolio underwent meaningful repositioning in Q1 2026, with Dennis Hong making cybersecurity and Asian consumer-tech the new growth anchors. ZS (Zscaler, 10.5%) was initiated as a top-five position outright, and CPNG (Coupang, 6.4%) joins BABA (13.6%) to give the book notable Korean/Asian e-commerce exposure. The firm added aggressively to AMZN, now 14.5% (+57%), cementing a top-two weight. Against that, Hong cut deeply across several existing names—PCOR trimmed 68%, CSGP cut 65%, FWONK down 45%—and fully exited FOUR, Monday.com, and BLND, shedding ~$35M in fintech/SaaS names that arguably underperformed the AI transition narrative. The portfolio's top-5 concentration at 65% is intense for 12 positions, blending cloud security (OKTA 16.6%, ZS 10.5%) with consumer internet and a small nuclear power stake (CEG, 2.4%). Watch whether Hong converts the CEG and GDS (China data centers, 3.3%) starters into meaningful positions—they hint at an AI-infrastructure current running beneath the SaaS surface.